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Global CLO b-wic round-up: record level of CLO paper stalls rally
3 years ago
Record levels of primary and secondary CLO supply has left investors spoilt for choice and led to the CLO rally stalling -
Global CLO b-wic round-up: equity trades break new records as investors look to redeploy cash
3 years ago
The CLO secondary market is experiencing heavy churn with €273.5 million of European CLO paper and $1.05 billion of US CLOs listed last week. Within that supply, a record trade for a 2.0 European CLO equty tranche was recorded -
Global CLO b-wic round-up: 2020 deals trade at premium
3 years ago
As the primary CLO market continues to grind tighter, the secondary market is holding steady, but last year's vintages are trading well as they near the end of their call-locks -
Global CLO b-wic round-up: US lower mezz trades strong, but European piece softens
3 years ago
CLO investors have had no chance to catch their breath after a historic 2020 as US CLO secondary volume reached $3.3 billion and European secondary listings topped €1 billion in January -
US and European control CLO positions land in secondary market
3 years ago
The first control equity positions of 2021 for the European and US CLO markets were listed in the secondary market on Thursday -
Global CLO b-wic round-up: junior tranches trade above par as US volumes reach $45bn
3 years ago
A busy week of over $1.4 billion of US CLO secondary bonds and €290 million of European CLO paper gave light to CLO spreads across the capital structure continuing their push towards pre-covid levels -
Global CLO b-wic round-up: Junior tranches rally amid heavy supply, including portfolio liquidation
3 years ago
The US CLO secondary market rally is showing no signs of slowing down after a week of over $1 billion worth of bonds was listed and well absorbed, according to market sources. The European market also had a roust week with over €300 million of paper up for grabs, although the market stayed generally flat with some tightening in double and single Bs -
Global CLO b-wic round-up: Secondary markets rally despite ‘worst liquidity seen all year’
3 years ago
An adjournment in the US for Veterans Day last week still left plenty of time for the CLO secondary market to rally, thanks to Pfizer's covid-19 vaccine breakthrough and a firmer indication of the US presidential election results -
Beneath the triple C: cinemas get clipped but default picture improves
3 years ago
14 corporate debt issuers were downgraded to triple C or below in October by Moody’s or Standard & Poor’s – hurting $3.15 billion of US CLO loans, €761.73 million of European CLO portfolios and $37.95 million of middle market CLOs loans, according to CLO-i. Cinema chains were among those to suffer last month -
B-wic appearances boost CLO equity valuations
3 years ago
CLO investors who use third party valuations say that CLO equity may be undervalued -
Global b-wic round-up: Europe drifts wider
3 years ago
The CLO secondary market had a robust week with $860 million of US CLO paper and €315 million worth of European CLO bonds listed. But spreads widened off the back of concerns over lockdowns across the globe, the increased risk of downgrades and tomorrow’s US presidential election -
[update] Beneath the triple C: theme parks take portfolios on downward ride
3 years ago
Seven corporate debt issuers were downgraded to triple C or below in September by Moody’s or Standard and Poor’s – hurting $2.16 billion of US CLO loans and €1.16 billion of European CLO portfolio. The pace of CLO loan downgrades to triple C has slowed steadily since the peak in April -
Global CLO b-wic round-up: CLO mezz tranches widen amid macro concerns
3 years ago
Last week was busy for the primary European CLO market but not for secondary, with €1.35 billion of new issue European CLOs priced across four transactions but just €190 million of European CLO paper listed in b-wics -
Methodology tweaks could prove a boost for CLO warfs
3 years ago
Moody’s proposed CLO methodology changes could impact 8% of US and European CLO tranches positively, the rating agency says -
CLO Census latest: ESG trashed and lauded, while b-wic no shows draw ire
3 years ago
The CLO community is making its voice heard courtesy of Creditflux’s CLO Census, with ESG proving divisive in the early stages of voting -
Global CLO b-wic round-up: CLO lower mezz tightens while equity investors strive for duration
3 years ago
A large supply of CLO paper flooded the secondary market last week as $1.5 billion of US CLO bonds and €370 million of European CLOs were listed, according to CLO-i -
Fair Oaks rotates to Euro CLO equity after 32% gain on double Bs
3 years ago
Fair Oaks Capital is starting to rotate back to CLO equity positions after taking advantage of the stabilising market and using profits from its higher-quality, more opportunistic trades earlier this year to carefully dial up the risk -
Global CLO b-wic round-up: dealers get involved amid rally, but dispersion persists
3 years ago
The CLO secondary markets returned to form last week with $716.2 million of US CLO bonds and a further €306.5 million of European CLO paper listed. Although for both markets over half of the total volume listed came from Thursday’s scheduled b-wics -
Global CLO b-wic round-up: US CLO triple As finally rally while European investors go ‘all in’
3 years ago
A huge supply of $731 million of US CLO triple A bonds pushed US CLO secondary volumes to just shy of $1.5 billion last week -
Global CLO b-wic round-up: Palmer Square sets highest cover as double B curve inverts
3 years ago
Palmer Square and MJX set the CLO secondary market trading range, but pickings in Europe were the slimmest they have been in almost five months -
Global CLO b-wic round-up: secondary CLOs rally but dispersion persists
3 years ago
The US CLO secondary market rallied, and spreads compressed last week, but there are still several outliers -
Global CLO b-wic round-up: CLO lower mezz spreads tighten back after volatile two weeks
3 years ago
Secondary CLO spreads in the US and European markets have recovered after moving wider over the last two weeks -
Global CLO b-wic round-up: spreads widen in short week to end manic June
3 years ago
A shortened week brought an end to a manic month of secondary CLO activity. $343.5 million of US CLO and €309 million of European CLO paper was on sale last week, dropping $1.05 billion and €170 million from the previous week -
Go for short-duration and high-end CLO paper, says JP Morgan
3 years ago
This year is shaping up to be nearly as weak for CLO new issuance as 2008, according to JP Morgan strategists, who recommend investors seek value in short duration double/triple A paper or in higher-tier triple/double B -
Global CLO b-wic round-up: US triple Bs edge wider but 2020 bonds trade at a premium
3 years ago
The furious rally that the secondary CLO markets have gone through over the last two weeks was brought a halt by the Federal Reserve’s reminder on Wednesday night that all is still not well with the economy
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